Dec 27, 2023: European stocks saw marginal gains on Wednesday, driven by stronger mining stocks following robust data from China and a Wall Street surge fueled by ongoing optimism regarding potential Federal Reserve rate cuts in March.
As of 0814 GMT, the pan-European STOXX 600 climbed 0.1% to reach 477.83 points, reflecting an over 0.4% increase in major Wall Street indexes overnight. [.N]
The basic resources sector experienced a 0.4% rise, boosted by climbing prices of base metals and iron ore after data highlighted an improvement in manufacturing activity in China, the largest consumer. Energy also saw a 0.6% advance.
The technology sector, home to Europe’s key chipmakers, surged 0.7%, aligning with the upward trend seen in their Wall Street counterparts.
However, telecoms and insurers struggled, both slipping by 0.4%.
Trading volumes are anticipated to remain light as traders return following an extended Christmas break, with only a few trading days left in 2023.
Bayer (OTC:BAYRY) saw a 1.7% increase after the German conglomerate announced a legal victory in a California lawsuit concerning its Roundup weedkiller, where a plaintiff claimed the product caused his cancer.
